Peter Njenga is a maverick in the business world and in 2024, this was clear to see as the Kenya Electricity Generation (KenGen) Company reached greater heights and broke new ground.
With Njenga at the helm, KenGen broadened its focus on renewable energy expansion and innovative solutions to address Kenya’s and by extension, Africa’s energy and climate challenges.
Under Njenga’s leadership, KenGen posted a Ksh6.8 billion net profit for the financial year ending 2024, a 35 per cent increase. The profits were mostly driven by revenues from green energy projects. This was a demonstration of the company’s financial sustainability and its successful foray into geothermal consultancy and international contracts.
The CEO played a significant role as KenGen stamped its increasing authority in renewable energy. Njenga was recognised for his focus on integrating solar and hydroelectric power in Kenya which is a vital step towards achieving a fully green energy supply by 2030.
With Njenga’s stewardship, KenGen continued leading the way in geothermal expansion by undertaking a remarkable Ksh250 million project in Eswatini, conducting feasibility studies for potential geothermal exploration. This project underscored KenGen’s expertise and its commitment to expanding renewable energy across Africa.
In 2024, KenGen, led by Njenga, showcased its ability to come up with innovative solutions to address emerging and current challenges in the energy sector. In a strategic move to diversify energy sources, KenGen launched a 42.5MW solar project in the Seven Forks area. This initiative is aimed at enhancing the company’s capacity to produce renewable energy, marking a significant milestone in Kenya’s energy landscape.
Further, under Peter Njenga's leadership, KenGen reported a significant boost in hydropower generation due to high water levels at key dams, particularly the Masinga Dam. This increase in output has been crucial for stabilising electricity costs in Kenya, with KenGen achieving peak outputs exceeding 471MW.
This year, Njenga spearheaded KenGen’s induction into the Morgan Stanley Capital International (MSCI) Frontier Markets Small Cap Index. The induction has the potential to increase foreign direct investments for the company, highlighting its strategic importance in the global energy sector.
In 2024, KenGen joined Kenya’s Multi-Sectoral Technical Committee on carbon markets. The company under Njenga’s leadership will play a huge role in actively shaping frameworks that will enable monetization of climate actions through carbon credits.
The company also saw a significant uptake in its Corporate Social Responsibility (CSR) activities. Led by Njenga, KenGen through its rotary club, RC Generate, was able to engage in various community-driven initiatives that led to significant societal impact.